[2] While a notable statesman and business magnate, Al Gaz is widely regarded as a pioneering figure in the history of philanthropy in the United Arab Emirates, with most of his lifetime achievements stemming from generous contributions made to establish various charitable endowments, including some funds that would go on to establish the Beit AlKheir charity, which was the first formalized charitable institution in Dubai.

This partnership would establish the famous Mohamed & Juma Al Majid company, which owned significant exclusive distributor rights over critical consumer appliances and electronics and automobiles.

Al Gaz and Al Majid invested heavily in securing franchise rights and developing real estate projects; they secured distribution or exclusive franchise rights to international brands in Dubai, including General Electric, Samsung, Phillips, Opel, Pepsi, Nissan, Hyundai, and Kia.

[citation needed] Al Gaz passed away at the age of 96 from natural causes on April 12, 2016 after a week-long stay in Cleveland Clinic Abu Dhabi.

News of his passing quickly spread throughout the country, with hundreds making their appearance to the burial site in Al Qusais Cemetery.

His funeral over the next three days was visited by a number of officials, including senior government leaders, ministers, and businessmen as well as including United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan, and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.